Chinese exports down 7.5% in May, showing a delay in the economic recovery

Posted on June 9, 2023   |  

In May, China’s exports fell by 7.5% from 2022 and imports fell by 4.5%, slowing the economic rebound as global demand weakens under pressure from higher interest rates.

Exports fell to $283.5 billion, reversing from April's strong 8.5% growth, and imports eased from the previous month's 7.9% contraction to $217.7 billion.

China's rebound is slowing after anti-virus controls were lifted in December that closed industrial cities and blocked international travel.

China’s global trade surplus fell by 16.1% to $65.8 billion over a year ago.

Imports fell annually by 6.7% to over $1 trillion compared to the same 5-month period in 2022, while export growth fell to near zero and exports grew by 0.3% to $1.4 trillion.